- Sui (SUI) surged nearly 10% as bullish momentum builds, with Open Interest hitting a record $1.62 billion and traders increasingly betting on further gains.
- A breakout above $3.65 could trigger a 15% rally, fueled by strong technical indicators and a key Adidas partnership boosting ecosystem growth.
Sui (SUI) is back in the spotlight this week, posting an impressive 10% rally and inching closer to its critical resistance level at $3.65. The price surge comes as on-chain indicators flash bullish signals, with rising Open Interest (OI) and a growing number of long positions suggesting traders are betting big on further upside.
According to Coinglass, SUI’s OI skyrocketed from $1.39 billion on Monday to a record $1.62 billion by Thursday. This surge reflects increased capital flowing into the asset’s futures markets—typically a sign of heightened investor confidence and potential price momentum. In tandem, the SUI long-to-short ratio now stands at 1.09, its highest level in over a month, showing a clear tilt toward bullish sentiment.
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Fueling the positive narrative is Adidas’s recent partnership with XOCIETY, a Web3 game operating on Sui’s blockchain. The collaboration, which integrates Adidas-branded digital apparel as NFTs within the game, not only enhances Sui’s real-world visibility but also strengthens its utility and position in the expanding Web3 ecosystem.
Technically, the next major hurdle for SUI lies at the $3.65 resistance level. If bulls can decisively break and close above this point, analysts expect a move toward $4.25—a gain of over 15% from current levels—retesting the highs last seen on January 31.
Momentum indicators back the bullish outlook. The Relative Strength Index (RSI) has surged above 70, highlighting strong buyer interest, although it also suggests caution as the asset enters overbought territory. Meanwhile, the MACD indicator is nearing a bullish crossover, potentially adding fuel to the rally if confirmed.
In summary, Sui’s recent breakout appears fundamentally and technically sound, driven by a mix of market optimism, bullish on-chain metrics, and strategic ecosystem partnerships. A sustained move above $3.65 could set the stage for significant upside in the days ahead.
